10-QPeriod: Q1 FY2024

NEXTERA ENERGY INC Quarterly Report for Q1 Ended Mar 31, 2024

Filed April 23, 2024For Securities:NEENEE-PNNEE-PSNEE-PTNEE-PWNEE-PVNEE-PU

Summary

NextEra Energy, Inc. (NEE) reported solid financial results for the first quarter of 2024. Net income attributable to NEE rose by $182 million year-over-year to $2.27 billion, with diluted earnings per share increasing to $1.10 from $1.04 in the prior year period. This growth was primarily driven by stronger performance at its Florida Power & Light (FPL) subsidiary, which benefited from continued investments in its infrastructure, and a favorable swing in non-qualifying hedge activity within Corporate and Other segments. While NEER's results saw a decrease primarily due to less favorable non-qualifying hedge activity compared to the strong prior year, the segment still contributed significantly to overall earnings, boosted by new investments. The company's strong operational cash flow generation of $3.08 billion underpins its financial stability, enabling substantial capital expenditures and dividend payments. NEE maintains robust liquidity, with approximately $10.8 billion in net available liquidity as of March 31, 2024, supporting its ongoing growth initiatives and operational needs.

Financial Highlights

46 data points
Beta

Revenue

$5.40B

Net Income

$2.27B

42.0% Net Margin

EPS (Diluted)

$1.10

Total Assets

$179.95B

Cash & Equivalents

$1.64B

Free Cash Flow

$3.08B

Financial Statements
Beta
Revenue$5.40B
Operating Expenses$3.78B
Operating Income$2.01B
Net Income$2.27B
EPS (Basic)$1.11
EPS (Diluted)$1.10
Shares Outstanding (Basic)2.05B
Shares Outstanding (Diluted)2.06B

Key Highlights

  • 1Net income attributable to NEE increased by 8.7% to $2.27 billion for the three months ended March 31, 2024, compared to $2.09 billion in the prior year.
  • 2Diluted EPS grew to $1.10 in Q1 2024 from $1.04 in Q1 2023, indicating improved profitability on a per-share basis.
  • 3FPL's net income increased driven by continued investments in plant in service and other property, reflecting strategic infrastructure growth.
  • 4NEER's results were impacted by less favorable non-qualifying hedge activity compared to a strong prior year, though new investments provided a partial offset.
  • 5Operating cash flow remained strong, generating $3.08 billion in the first quarter of 2024, up from $1.67 billion in the prior year.
  • 6Total assets increased to $179.95 billion as of March 31, 2024, from $177.49 billion at December 31, 2023, reflecting ongoing business expansion.
  • 7The company maintained substantial liquidity with approximately $10.8 billion in net available liquidity as of March 31, 2024.

Frequently Asked Questions

For the three months ended March 31, 2024, NextEra Energy, Inc. reported net income attributable to NEE of $2.27 billion, an increase of 8.7% from $2.09 billion in the same period last year. Diluted earnings per share attributable to NEE were $1.10, up from $1.04 in the first quarter of 2023.

The increase in net income was primarily driven by higher results at FPL, due to continued investments in its infrastructure, and a favorable swing in non-qualifying hedge activity within the Corporate and Other segment. While NEER's results decreased due to less favorable hedge activity compared to the prior year, new investments contributed positively.

NextEra Energy generated strong cash flow from operating activities, reporting $3.08 billion for the three months ended March 31, 2024, a significant increase from $1.67 billion in the prior year period. This strong operating cash flow supports capital expenditures and other financial obligations.

NextEra Energy maintained a strong liquidity position, with approximately $10.8 billion in net available liquidity as of March 31, 2024. This robust liquidity provides financial flexibility for its ongoing operations, capital investments, and potential strategic initiatives.